Since that time, Frank has reaped financial riches from the industries his committee oversees, but he has also vocally pushed for the passage of new regulations and financial reforms, including the Wall Street Reform and Consumer Protection Act of 2009, which he sponsored with then-Senate Banking Committee Chairman Chris Dodd (D-Conn.).

Many of the other top Democrats on the House Financial Services Committee likewise exhibit intimate ties with the industries with interests before them.

About $1 out of every $3 Frank has raised over his career has come from the finance, insurance and real estate sector, as OpenSecrets Blog has previously noted.

The next highest ranking Democrats have also seen a high proportion of their money come from the financial sector.

For three of the next five highest ranking Democrats on the House Financial Services Committee, financial sector interests rank as the No. 1 donors to their campaigns, according to research by the Center for Responsive Politics. And the finance sector ranks as the No. 2 sector for the other two lawmakers.

Moreover, according to the Center’s research, the finance, insurance and real estate sector accounts for between 10 percent and 30 percent of all the money each of these five lawmakers has raised over their careers — a percentage that could climb as their seniority on the committee rises as well.

Who are these five lawmakers?

The Democrat next in line on the House Financial Services Committee behind Frank is Rep. Maxine Waters (D-Calif.).

Over her career, Waters has raised about $4.8 million. Of that sum, about 10 percent, or $496,300, has come from finance sector interests, according to the Center’s research. That’s enough to rank the sector as her No. 2 backer. Only labor interests have donated more to Waters — at about $819,850.

In recent years, Waters has also been named as one of the “most corrupt” members of Congress by the nonpartisan watchdog group Citizens for Responsibility and Ethics in Washington (CREW) for allegedly using her clout to aid a bank in which her husband owned stock and to steer money toward organizations connected with her family members.

Over her career, Maloney has raised about $12.3 million. According to the Center’s research, about 30 cents of every dollar Maloney has raised has come from the finance, insurance and real estate sector — a total of $3.7 million and counting. That’s enough to rank the sector as her No. 1 financial supporter.

Labor interests rank as the sector that has given Maloney the second highest sum over her career. According to the Center’s research, labor unions have contributed $1.3 million to Maloney’s campaigns — or about 11 percent of her total war chest.

Rep. Luis Gutierrez (D-Ill.) stands as the Democrat at the next highest level of seniority on the House Financial Services Committee.

Gutierrez has raised about $4.3 million over his career, according to the Center’s research.

The finance, insurance and real estate sector ranks as his No. 2 backer, just a few percentage points behind labor unions.

Financial sector interests account for about 20 percent of the money Gutierrez has raised over the years — or about $867,600, according to the Center’s research. Meanwhile, labor interests account for about 23 percent of the money Gutierrez has collected during the same period — about $966,000.

During the 111th Congress, Gutierrez was widelycriticized for pushing legislation that targeted payday lenders that many viewed as too weak. The criticism even led to a pledge from Gutierrez to begin rejecting campaign donations from payday lenders, who had been some of his top backers during the 2008 election cycle.

Over her career, Velazquez has raised about $6.6 million, with finance, insurance and real estate interests ranking as her No. 1 backer. These groups have contributed about $1.6 million to Velazquez, according to the Center’s research — about 24 percent of all the money she’s raised.

Over his career, Watt has raised about $4.8 million, with the finance, insurance and real estate sector ranking as his No. 1 donor. These interests have donated about $1.1 million to Watt, according to the Center’s research. That’s about 23 percent of all the money he’s raised.

Last year, the House ethics committee investigated Watt for pulling an amendment two days after a high-profile fund-raiser.

Watt’s initial amendment was favored by many consumer advocacy groups as it would have included auto dealers under the oversignt of the Consumer Financial Protection Bureau designed by the Dodd-Frank Wall Street Reform legislation.

While several corporate PACs that offer auto financing donated to Watt in December, the ethics committee ultimately cleared Watts of any wrongdoing.

Here is a table outlining the money these six Democrats have raised from the finance, insurance and real estate sector (FIRE sector) since 1989:

Name

Total Raised Since 1989

Total From FIRE

% FIRE

No. 1 Sector?

Barney Frank (D-Mass.)

$13,099,373

$4,309,925

33%

FIRE

Maxine Waters (D-Calif.)

$4,801,772

$496,325

10%

Labor (FIRE No. 2)

Carolyn Maloney (D-N.Y.)

$12,295,488

$3,717,221

30%

FIRE

Luis Gutierrez (D-Ill.)

$4,286,876

$867,557

20%

Labor (FIRE No. 2)

Nydia Velazquez (D-N.Y.)

$6,591,603

$1,582,964

24%

FIRE

Melvin Watt (D-N.C.)

$4,806,182

$1,126,278

23%

FIRE

Notably, financial sector interests aren’t only cozying up to Democrats on the House Financial Services Committee.

For instance, Rep. Spencer Bachus (R-Ala.), the top-ranking Republican on the House Financial Services Committee and currently the committee’s chairman, has relied on the finance, insurance and real estate sector for about half of the money he’s raised over his career.

According to the Center’s research, Bachus has collected $5.3 million from the financial sector, out of the $11 million total that he’s raised from all interests over his career.

Media Contact

Viveca Novak
(202) 354-0111
press@crp.org

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